Supplement: WV SJR7 | 2021 | Regular Session | Tax & Revenue Department, WV State
For additional supplements on West Virginia SJR7 please see the Bill Drafting List
Bill Title: Motor Vehicle and Other Personal Property Tax Reduction Amendment
Status: 2021-03-31 - Referred to Rules on 3rd reading [SJR7 Detail]
Download: West_Virginia-2021-SJR7-Tax_Revenue_Department_WV_State.html
The stated purpose of this resolution is to permit the Legislature to exempt some species of tangible personal property from ad valorem taxation, reduce the rate of taxation or assessment for any species of tangible personal property; establish different statewide rates of taxation, assessment, or methods of valuation for different species of tangible personal property, or classify property as real property or personal property for ad valorem taxation.
The State Tax Department cannot quantify the revenue loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
The State Tax Department cannot quantify the revenue loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov
Bill Title: Motor Vehicle and Other Personal Property Tax Reduction Amendment
Status: 2021-03-31 - Referred to Rules on 3rd reading [SJR7 Detail]
Download: West_Virginia-2021-SJR7-Tax_Revenue_Department_WV_State.html
FISCAL NOTE
Date Requested: February 18, 2021 Time Requested: 01:57 PM |
|
FUND(S):
General Revenue Fund, local governmentsSources of Revenue:
General Fund local property tax revenueLegislation creates:
Decreases Existing Revenue, Increases Existing ExpensesFiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this resolution is to permit the Legislature to exempt some species of tangible personal property from ad valorem taxation, reduce the rate of taxation or assessment for any species of tangible personal property; establish different statewide rates of taxation, assessment, or methods of valuation for different species of tangible personal property, or classify property as real property or personal property for ad valorem taxation.
The State Tax Department cannot quantify the revenue loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
Fiscal Note Detail
Effect of Proposal | Fiscal Year | ||
---|---|---|---|
2021 Increase/Decrease (use"-") |
2022 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
1. Estmated Total Cost | 0 | 0 | 0 |
Personal Services | 0 | 0 | 0 |
Current Expenses | 0 | 0 | 0 |
Repairs and Alterations | 0 | 0 | 0 |
Assets | 0 | 0 | 0 |
Other | 0 | 0 | 0 |
2. Estimated Total Revenues | 0 | 0 | 0 |
Explanation of above estimates (including long-range effect):
The State Tax Department cannot quantify the revenue loss associated with this proposal. There is no way to know what exemptions for real and personal property, rate changes or changes to assessment levels that future Legislature may enact.
Additional administrative costs to the State Tax Department and local governments cannot be determined.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov